Summary by Moomoo AI
Momentus Inc. reported financial results for fiscal year 2023, with revenue increasing significantly to $3.1 million from $0.3 million in 2022, primarily driven by successful transportation services and hosted payload missions. The company reduced its net loss to $68.9 million from $95.4 million in the previous year, reflecting improved operational efficiency and cost management.The company achieved several operational milestones in 2023, including the successful launch and deployment of customer satellites through its Vigoride missions. Vigoride 5 and 6 demonstrated key technologies including the Microwave Electrothermal Thruster (MET) propulsion system and Tape Spring Solar Array (TASSA). Research and development expenses decreased 18% to $34.4 million, while selling, general and administrative expenses declined 28% to $36.1 million.However, Momentus faces ongoing liquidity challenges with cash and cash equivalents of $2.1 million as of December 31, 2023, down from $61.1 million a year earlier. The company is actively pursuing additional capital raising opportunities while implementing cost reduction measures. Management noted substantial doubt about the company's ability to continue as a going concern without securing additional funding.
